Smithfield confirmed that it has agreed to be acquired by Chinese meat producer Shuanghui International Holdings Ltd. for about $4.7 billion. Shuanghui agreed to pay $34 a share for Smithfield, a 31% premium over Tuesday’s close of $25.97. The deal is expected to close in the second half of the year. Smithfield’s shares jumped 26% to $32.75 premarket.

Wet Seal swung to a first-quarter profit as the women’s apparel retailer recorded improved margins and lower expenses. Shares jumped 8.4% to $4.88 premarket as the company also offered upbeat guidance for the second quarter.

Guidewire swung to a fiscal third-quarter loss as the provider of software for property and casualty insurers posted higher expenses that offset stronger revenue. However, shares rose 7.4% to $43.80 premarket as results topped the company’s prior estimates.

Funeral home and cemetery owner Service Corp. International has agreed to buy smaller peer Stewart Enterprises Inc. for about $1.1 billion in cash to expand its footprint in what it called a fragmented funeral and cemetery industry in North America. Service Corp. will pay a per-share price of $13.25 for Stewart, representing a 36% premium over Tuesday’s close. Stewart’s class A shares leapt 34% to $13.02 in premarket trading, while Service Corp.’s shares rose 6.7% to $18.80.

Cyberonics Inc. said the Centers of Medicare and Medicaid Services has declined the medical-device maker’s request to reconsider the coverage of its implantable device used to treat depression. Shares slid 7.7% to $44.09 premarket.

Movado Group Inc.'s fiscal first-quarter profit improved 24% as the maker of luxury watches boosted its revenue and benefited from an asset sale, though input costs rose sharply. Shares rose 7.4% to $36.95 premarket as the company backed its full-year guidance.

Trina Solar Ltd. sharply widened its first-quarter loss as the Chinese solar-products maker again reported a double-digit percentage drop in revenue while margins continued to narrow. American depositary shares slid 12% to $6.00 in premarket trading as results markedly missed Wall Street estimates.

Associated Estates Realty Corp. said it has commenced an offering of about 6.5 million shares on a forward basis. The REIT had 50.4 million shares outstanding as of April 26. Shares slipped 3.2% to $17.40 premarket.

Biopharmaceutical company RedHill Biopharma Ltd. reported that it recently concluded a positive Type B meeting with the U.S. Food and Drug Administration regarding its cardio drug RHB-101 for the treatment of congestive heart failure and hypertension. Following the positive meeting, the company said it plans to submit a new drug application seeking marketing approval of RHB-101 in the U.S. American depositary shares rose 7.4% to $11.81 premarket.

Inland Real Estate Corp. said it intends to offer 9 million shares to raise funds to pay down debt. The company had 90.4 million shares outstanding as of May 9. Shares were down 2.9% to $10.82 premarket.

Achillion Pharmaceuticals Inc. said Michael D. Kishbauch is retiring as chief executive and president, and named the company’s chief scientific officer to succeed him.

Astronics Corp. has agreed to acquire Peco Inc. for about $136 million in cash, expanding the company’s offerings for the aerospace industry.

Cerner Corp.'s board has approved a 2-for-1 stock split, a move that comes as shares of the hospital-information technology vendor have increased 23% so far this year.

Health Management Associates Inc.'s board said Gary D. Newsome will retire as president and chief executive and a search has begun for a replacement.

Perfect World Co.'s first-quarter earnings fell 38% as the Chinese online-game developer didn’t introduce any major new game in the period and revenue declined. However, results beat expectations and the company’s second-quarter revenue outlook topped analysts’ estimates.

Student loan company Sallie Mae on Wednesday unveiled a plan to split itself into two companies and also named Chief Operating Officer John F. Remondi as its new chief executive, effective immediately.

United Natural Foods Inc.'s fiscal third-quarter earnings rose 8.9%, as the specialty-food distributor continued to benefit from strong demand for natural and organic foods. United Natural also raised its full-year sales guidance.

Vipshop Holdings Ltd. defended its business model and its methods for counting customers, responding to allegations that it has overstated its growth.

Wal-Mart Stores Inc. pleaded guilty Tuesday to federal charges it illegally dumped hazardous waste, including pesticide, fertilizer and paint, into local trash bins and sewer systems in California and Missouri.